Other Types Of P&C

Question 1

FIMA

Answer 1

Federal insurance and mitigation administration

Question 2

NFIP

Answer 2

National flood insurance program

Question 3

SIR

Answer 3

Self insured retention. I deductible that must be paid by an insured in order to access the umbrella policies funds

Question 4

WYO

Answer 4

Write your own. Insurers write the coverage on their own paper

Question 5

Purpose of NFIP

Answer 5

Fill in the gap in flood cov left by the private insurers

Question 6

Parties in a surety bond?

Answer 6

Principal
Obligee
Guarantor

Question 7

Non-admitted insurers

Answer 7

Excess surplus lines

Question 8

Where can flood policies be issued

Answer 8

Only in participating flood prone areas

Question 9

What type of liability insurance offers coverage for:

medical malpractice
agents and brokers
errors and omissions
directors and officers

Answer 9

Professional liability

Question 10

What are residual markets

Answer 10

Insurance markets designed to assume risks that are generally not sure insurable in the normal insurance market

Question 11

Name for the deductible in umbrella policy

Answer 11

Self-insured retention

Question 12

Professional liability coverage protect The insured against legal liability resulting from what?

Answer 12

E & O

Question 13

A person or business that requires coverage for all liability exposure should purchase what type of insurance?

Answer 13

Commercial general liability CGL and professional liability

Question 14

When can insurance be sold to a surplus lines insurer

Answer 14

Hard to place risks extraordinary risks That cannot be obtained through an authorized carrier

Question 15

A customer that is insured under a mobile homeowners policy wants to move her mobile home what does she need from the insurer

Answer 15

Transportation/permission to move endorsement

Question 16

An individual doing remodeling and re wiring in the city that has building codes will need what kind of bond

Answer 16

License and permit bond

Question 17

If a contractor defaults on a construction performance contract what happens

Answer 17

The obligee May engage another contractor and then seek reimbursement from the surety

Question 18

Aviation hull Insurance

Answer 18

Major structural parts of an aircraft

Question 19

FAIR plan coverage is provided by

Answer 19

Private insurers

Question 20

Federal crop insurance policy covers Up to what percentage

Answer 20

75%

Question 21

Not considered a residual market:

Assigned risk auto plan
state P&C guaranty association
joint underwriting association
FAIR plan

Answer 21

State P&C guaranty association

Question 22

Who has the right to veto the repair facility for a vessel

Answer 22

The underwriter

Question 23

Insurance agencies that sell crop Insurance are reinsured by who

Answer 23

TheFCIC

Question 24

Loss of yield cause by any of the following events would be considered under the federal crop insurance policy except:

Mismanagement by the insured
theft of crops by the insured
loss of yield bad farming practices
all of the above

Answer 24

All of the above

Question 25

True or false:

Each DIC policy is an individually written contract that contains provisions unique to the particular risk that it covers

Answer 25

True